"Why do I need to cash-back/collatarise my MasterCard?"
"The absence of a credit bureau in the country means that we have to build relationships and credit rating histories of our customers before we can properly access their own personal credit-worthiness. So, in this introductory phase, customers would need to cash collaterize their mastercards. Over the course of our banking relationship with them, we can then rate them better for easier access to credit."
http://www.nairaland.com/nigeria/topic-331.0.html#msg6268 (original source: newspaper ad)"The absence of a credit bureau in the country means that we have to build relationships and credit rating histories of our customers before we can properly access their own personal credit-worthiness. So, in this introductory phase, customers would need to cash collaterize their mastercards. Over the course of our banking relationship with them, we can then rate them better for easier access to credit."
I believe that their MasterCard is actually designed to be used as a credit card with a fixed withdrawal limit, and the billing for the service will be has such (higher fees, of course!) For now, they require payment of $250 into special account which will be used if you're not able to pay your fees as at when due. As time goes on, they plan to begin to waive that requirement for customers they deem to be credit-worthy.
So I find it difficult to call it a debit card since the underlying technology is that of a credit card, but I understand what you're saying and there's no need for us to debate it any further.
- Seun (forum)
On 6/23/05, Afeez <[EMAIL PROTECTED]> wrote:
>
> your money can not be a collateral for a money loan, you are spending your
> money, its a debit card
>
>
> Seun Osewa <[EMAIL PROTECTED]> wrote:
> Yes, the money you spend on your STB Mastercard will also be a loan,
> but they are only accepting cash as collateral! :-P
>
> On 6/21/05, Afeez <[EMAIL PROTECTED]> wrote:
> >
> > You do not load money onto a credit card, you are issued a credit card on
> > grounds of your credit worthiness and balances are cleared monthly into
> your
> > card account, based on your purchases, (use of the card ) ,and your bank
> > balances. whatever you spend on your card is a loan, debit cards on the
> > other hand are tied to your accounts directly and you spend what is in
> your
> > accounts, the variant i think exists in Nigeria is a 'juju' variant that
> has
> > no sense where mony has real value, you cant sit funds down as a security
> > for a card , its banana, , what happens is you can open only one account
> > with a bank and tie all your life to it, credit, debit card, store cards,
> > mortgage, salary, insurance,
> > what is practised in Nigeria is just another cash and carry banking
> chikena
> > cheers all
> > Affe
> >
> > "Oforkansi Oti [ MTN - Port Harcourt ]" <[EMAIL PROTECTED]> wrote:
> >
> >
> >
> > Y'ello All,
> >
> >
> >
> > Hope you had a great weekend.
> >
> >
> >
> > I feel these so called credit cards are essentially debit cards. We should
> > have found a way of integrating our already existing debit cards into the
> > system such that we could carry our debit cards from here and use it
> > anywhere in the world as long as you got money in it. They should worry
> with
> > the conversions.
> >
> >
> >
> > So the issue is squarely within the banks' control. The thing is that our
> > bankers are not brought up to think let alone creatively. How can you call
> > that card a credit card when I am expected to keep some minimum deposit in
> a
> > dollar denominated account with your bank. Meet some out this world
> > conditions. I am also expected to have some amount too in the card. I
> don't
> > get it. Is that how credit cards work in other parts of the world.
> Somebody
> > help me. I am really not that sharp.
> >
> >
> >
> > Enjoy,
> >
> >
> >
> > Oforkansi Oti
> >
> >
> _________________________________________________________________________________
> >
> > "Enjoy what you can; endure what you must"... Goethe
> >
> >
> >
> > -----Original Message-----
> > From: [email protected] [mailto: [email protected]]On
> > Behalf Of Afeez
> > Sent: 18 June 2005 11:48
> > To: [email protected]
> > Subject: Re: [Lets TALK GSM] master card in nigeria
> >
> >
> >
> >
> > The issue is certainly not in the Bank's control, when 100,000 is less
> than
> > 500 pounds which is about the daily withdrawal limit on a card here.
> >
> >
> >
> > The value of the naira pevents the integration of that economy into any
> > global calculation, poverty, bad governance and unemployment are more
> > crucial issues in a cash driven economy
> >
> >
> >
> > Afz
> > OMONIYI OLATUBOSUN <[EMAIL PROTECTED]> wrote:
> >
> >
> > Has anybody tried the master card offered by stb,firstbank and ecobank
> right
> > here in nigeria .I tried that of ecobank but it seems it is not for the
> > common man.the requirements are so much.pls check it out every body.
> >
> > Omoniyi Olatubosun.Postal Address. c/o Omoniyi Olubusayo. Guinness Nigeria
> > plc . P.M.B 21071 Ikeja,Lagos State,Nigeria.100001
> > MOBILE 08035716226 FAX 13202137066
> >
> >
> >
> >
> > ________________________________
> >
> >
> > How much free photo storage do you get? Store your holiday snaps for FREE
> > with Yahoo! Photos. Get Yahoo! Photos
> >
> > >> Let's TALK GSM (LTG)Discussion Group <<
> > ------------------------------------------
> > The discussion group of Nigerian GSM subscribers.
> > >> Our website: http://www.talkgsm.jump.to
> > >> To join, click the link below and enter your email address:
> > http://groups.yahoo.com/group/letstalkgsm
> > >> Read the group Rules and regulations at:
> > http://geocities.com/letstalkgsm/rules.html
> > >> To leave this group, send an email to:
> > mailto:[EMAIL PROTECTED]
> > ------------------------------------------
> >
> >
> >
> > __________________________________________________
> > Do You Yahoo!?
> > Tired of spam? Yahoo! Mail has the best spam protection around
> > http://mail.yahoo.com
> >
> > >> Let's TALK GSM (LTG)Discussion Group <<
> > ------------------------------------------
> > The discussion group of Nigerian GSM subscribers.
> > >> Our website: http://www.talkgsm.jump.to
> > >> To join, click the link below and enter your email address:
> > http://groups.yahoo.com/group/letstalkgsm
> > >> Read the group Rules and regulations at:
> > http://geocities.com/letstalkgsm/rules.html
> > >> To leave this group, send an email to:
> > mailto:[EMAIL PROTECTED]
> > ------------------------------------------
> >
> >
> >
> >
> >
> > >> Let's TALK GSM (LTG)Discussion Group <<
> > ------------------------------------------
> > The discussion group of Nigerian GSM subscribers.
> > >> Our website: http://www.talkgsm.jump.to
> > >> To join, click the link below and enter your email address:
> > http://groups.yahoo.com/group/letstalkgsm
> > >> Read the group Rules and regulations at:
> > http://geocities.com/letstalkgsm/rules.html
> > >> To leave this group, send an email to:
> > mailto:[EMAIL PROTECTED]
> > ------------------------------------------
> >
> >
> >
> >
> > NOTE: This e-mail message is subject to the MTN Nigeria disclaimer see
> > http://www.mtnonline.com/contact/disclaimer.asp
> >
> >
> >
> > ________________________________
> > Do you Yahoo!?
> > Yahoo! Mail - Helps protect you from nasty viruses.
> >
> > >> Let's TALK GSM (LTG)Discussion Group <<
> > ------------------------------------------
> > The discussion group of Nigerian GSM subscribers.
> > >> Our website: http://www.talkgsm.jump.to
> > >> To join, click the link below and enter your email address:
> > http://groups.yahoo.com/group/letstalkgsm
> > >> Read the group Rules and regulations at:
> > http://geocities.com/letstalkgsm/rules.html
> > >> To leave this group, send an email to:
> > mailto: [EMAIL PROTECTED]
> > ------------------------------------------
> >
> >
> >
> > ________________________________
> > Yahoo! Groups Links
> >
> >
> > To visit your group on the web, go to:
> > http://groups.yahoo.com/group/letstalkgsm/
> >
> > To unsubscribe from this group, send an email to:
> > [EMAIL PROTECTED]
> >
> > Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
>
>
> --
> Seun Osewa
> Administrator,
> http://www.nairaland.com
> Nairaland, the Nigerian Forum
>
>
> >> Let's TALK GSM (LTG)Discussion Group <<
> ------------------------------------------
> The discussion group of Nigerian GSM subscribers.
> >> Our website: http://www.talkgsm.jump.to
> >> To join, click the link below and enter your email address:
> http://groups.yahoo.com/group/letstalkgsm
> >> Read the group Rules and regulations at:
> http://geocities.com/letstalkgsm/rules.html
> >> To leave this group, send an email to:
> mailto:[EMAIL PROTECTED]
> ------------------------------------------
>
>
>
>
> ________________________________
> Yahoo! Mail
> Stay connected, organized, and protected. Take the tour
>
> >> Let's TALK GSM (LTG)Discussion Group <<
> ------------------------------------------
> The discussion group of Nigerian GSM subscribers.
> >> Our website: http://www.talkgsm.jump.to
> >> To join, click the link below and enter your email address:
> http://groups.yahoo.com/group/letstalkgsm
> >> Read the group Rules and regulations at:
> http://geocities.com/letstalkgsm/rules.html
> >> To leave this group, send an email to:
> mailto: [EMAIL PROTECTED]
> ------------------------------------------
>
>
>
> ________________________________
> Yahoo! Groups Links
>
>
> To visit your group on the web, go to:
> http://groups.yahoo.com/group/letstalkgsm/
>
> To unsubscribe from this group, send an email to:
> [EMAIL PROTECTED]
>
> Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
--
Seun Osewa
Administrator,
http://www.nairaland.com
Nairaland, the Nigerian Forum
>> LetÂ’s TALK GSM (LTG)Discussion Group <<
------------------------------------------
The discussion group of Nigerian GSM subscribers.
>> Our website: http://www.talkgsm.jump.to
>> To join, click the link below and enter your email address:
http://groups.yahoo.com/group/letstalkgsm
>> Read the group Rules and regulations at:
http://geocities.com/letstalkgsm/rules.html
>> To leave this group, send an email to:
mailto:[EMAIL PROTECTED]
------------------------------------------
Yahoo! Groups Links
- To visit your group on the web, go to:
http://groups.yahoo.com/group/letstalkgsm/
- To unsubscribe from this group, send an email to:
[EMAIL PROTECTED]
- Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
